Garrett Planning Network cuts deal on software that creates comprehensive financial plans

Members of hourly advice group to get discount on fintech aimed at holistic planning

Jan 10, 2017 @ 12:01 am

By Liz Skinner

The Garrett Planning Network of hourly financial advisers has struck a deal with RightCapital to give its members up to a 25% discount on software to create comprehensive financial plans with clients and take a step toward meeting new Labor Department fiduciary rules on retirement advice.

RightCapital's financial planning software allows advisers to consider tax, retirement income, annuities, Social Security optimization, investment, insurance, education and budgeting items, and includes a portal for each client.

Sheryl Garrett, founder of the 240-adviser Garrett Planning Network, said she appreciated the tool's ease of use and ability to incorporate cashflow and debt-management factors. It will cost advisers in the network about $100 a month, a 15% to 25% discount off the full price.

“RightCapital has made things simple, yet it still can handle a very holistic financial planning case,” Ms. Garrett said.

(More: New fintech tools for DOL fiduciary rule launched despite questions of a Trump delay)

The planning software can help advisers get to know clients better and therefore know what financial decisions are in their best interest. That will help advisers begin the documentation process prescribed by the DOL rule requiring advisers to act in the best interest of clients when offering retirement advice, she said.

The DOL fiduciary rule begins to take effect in about three months.

(More: The most up to date information on the DOL fiduciary rule)

RightCapital also announced that Parsonex Financial Services has inked a deal to become the technology firm's first enterprise client. This partnership will put the software in the hands of up to 100 advisers.


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